24.07.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 24568.90; our expected opening band 24525-24545, on the opening move made a day high 24582.55; further it moved down; made a day low 24074.20 and closed on a negative note at 24479.05 with intra loss 30.20 points, i.e.,-0.12%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 24430-24400-24370 levels; if open, trade and sustain above 24430 then, the index may re-test 24475-24520-24545-24580-24625-24655-24685-24720 levels. On the other hand, the immediate support lies at 24370-24330-24275 if, the Index moves below 24275 then, it may try to re-visit 24250-24230-24195-24160-24135-24105-24075-24015-23990 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond the all time high i.e., 24854.80, the intra sell-off due to Union Budget in which the Long term, Short term capital gain and Secutiry Transaction Tax are increased which is triggered a sell-off, made a low 24074.20, the intra pull back lifted the index till 24540 and closed below our threshold support level i.e., 24550 levels. Today, the Nifty index must trade, sustain and closes above 24610-24660 then, it may continue the northward rally to test 24850-24925-25000 levels. On the other hand, the immediate support seen at 24075-23990, further weakness below 23990 then, the Index may try to re-visit 23560-23350 levels in the near term. Let see how the Index opens today near 24430-24400-24370 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52511; on the opening move, it made a day high 52547.55; thereafter, it moved down, made a day low 51342.65 and closed on a negative note at 51778.30 with an intra loss 502.10 points, i.e.,-0.97%, today Nifty Bank Index must move and trade above 51800-51900-51945 levels; if to do so, then it may try to re-test 52085-52155-52240-52300-52410-52485-52545-52630 levels. On the other hand, any weakness near 51800-51900-51945 further, it moves below 51670-51550 then, the Index may re-visit 51485-51340-51245-51140-50990 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.2975.31 Cr. On the other hand, DIIs tunred as a net buyer, they bought on the net basis to the tune of Rs.1418.82 Cr. 

INDIA's Macro Data:-

On 01st Jul'24, the HSBC Manufacturing PMI data for the month of Jun'24 released, it moved up to 58.30% from 57.50% (May'24). Likewise, the HSBC Services PMI data for the month of Jun'24 released on 03rd Jul'24, it moved up to 60.50% from 60.20% (May'24).

The RBI MPC meet held on 07th Jun'24-Friday, the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q4 ending Mar'24 released on 31st Mar'24-Friday, the GDP has moved down to 7.80% Vs.8.40% (Q3-Dec'23).

IIP data for May'24 released on 12th Jul'24-Friday, the Industrial production has gone up to 5.90%; when compared to the Apr'24 level, i.e.,5%. 

Annual Inflation data for Jun'24 released on 12th Jul'24-Friday, the inflation has gone up to 5.08% from May'24 level i.e., 4.75%.

WPI Inflation data for the month of Jun'24 released on 15th Jul'24-Monday, it has gone up to 3.36% as against the May'24 level i.e.,2.61%.

Wishing you for a safe, secured and profitable trading.

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The writing in the above daily market update should only be construed as guidance. I assert that any business or investment decisions should not be based purely on the information presented in the daily market update. As a Research Analyst, I will not be responsible for any losses incurred by a visitor/investor/client, as a result of decisions made based on any information given in the daily market update.

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